Sacyr, S.A. (BME:SCYR), one of Europe's largest infrastructure development businesses, has confirmed it is about to sell its stake in the N6 national road. The move comes as drivers are expected to face further toll increases on major roads across the country next year. The Spanish firm revealed in an earnings call that it is close to finalising its sale of the asset.

Manuel Manrique Cecilia, the chairman and CEO of Sacyr, said: "As part of our recurrent activity, we continue with our mature asset rotation in order to obtain resources that we can use in order to invest in our new concessions. "That way, we are about to formalise the sale of the N6 highway in Ireland." The company added that the sale was part of its strategy to offload "non-strategic businesses in order to focus on the concession projects". Sacyr holds a 45% stake in the N6, which is a tolled road forming part of the M6 motorway between Galway and Dublin.

The toll for cars on the road is (EURO)2.10, and Sacyr was responsible for the operation and maintenance of part of the road, as well as toll collection. Reuters reported earlier this year that Bestinver, a Spanish asset management firm, will buy Sacyr's stake in the road. It also reported Bestinver will manage a 58km stretch of the road under an inflation-linked toll road contract.

Sacyr was part of the consortium which built the N6. On its website, the company said it has invested (EURO) 324m in developing and maintaining the project. The stretch of the N6 Sacyr is selling is under concession until 2037.

Tolls on the N6 rose from July 1, from (EURO)2 for cars to (EURO)2.10. This price increase had been due to kick in at the start of the year in line with an inflation increase. However, this was delayed by the Government due to cost-of-living pressures.

The timing of the toll increases, due to many people struggling with inflation, was criticised even by several Government figures. The Business Post reported at the weekend that Transport Infrastructure Ireland (TII) has warned Transport Minister Eamon Ryan that further increases in tolls are needed due to still-high inflation. The 2024 increase is expected to amount to an extra 20c for cars on many of the country's motorway routes.

Although the Government has indicated it is reluctant to further hike tolls, TII said a failure to do so could scare off future infrastructure investors.